Centene's Q4 Profits Reach $45M On Higher Membership, Premium As Enrollments Increase
Portfolio Pulse from Vandana Singh
Centene Corporation (NYSE:CNC) reported a Q4 net profit of $45M, turning around from a previous year's loss, with sales up 11% Y/Y to $39.5B, beating consensus. Membership growth in the Marketplace business contributed to a 5% increase in premium and service revenues to $35.3B. The company's adjusted EPS was $0.45, down from $0.86 but above consensus. The health benefits ratio increased slightly. Centene also raised its 2024 revenue guidance to $134.5B-$137.5B and reiterated its adjusted EPS guidance. CNC shares rose 0.87% to $74.72.
February 06, 2024 | 3:58 pm
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POSITIVE IMPACT
Centene Corporation reported a significant Q4 profit, with sales and membership growth exceeding expectations, and raised its 2024 revenue guidance.
Centene's positive earnings report, with a notable turnaround from a loss to a profit and higher-than-expected sales growth, indicates strong company performance. The increase in membership and raised revenue guidance for 2024 suggest continued growth, likely leading to a positive short-term impact on CNC's stock price. The share price increase on the day of the announcement further supports this positive outlook.
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IMPORTANCE 90
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